Agricultural investment: Recovering Nigeria's missed opportunity, By Abubakar Adamu

Date: 2023-08-28

On 1 March, 2017, the prospect of a groundbreaking agricultural investment of Saudi Arabia in Nigeria was met with enthusiasm and hope. The proposed Agric City in Kwara State, envisioned by the Saudi Investment Company, Zain Al-Abdin group, held the promise of creating millions of jobs and boosting the agricultural sector. Unfortunately, due to the carelessness of Nigerian officials, this initiative was marred by delays, resulting in a lost opportunity for the country's economic growth.

The vision of the Agric City was one of immense potential, with plans to establish a cluster of farms specialising in rice, maise, and vegetable cultivation, processing, and export. The venture aimed to offer comprehensive facilities, including schools, hospitals, shops, and other essential services, making it a holistic investment that could have significantly contributed to Kwara State's development.

The Chairman of the investment group, Zain Nafawi, expressed the Saudi Arabian government's support for investing in agriculture globally, particularly in Africa. The choice of Kwara State for this ambitious project was well-founded, considering the region's successful track record in large-scale agricultural investment, exemplified by the Shonga farm initiative. Additionally, the favourable weather conditions and arable land along the River Niger further strengthened Kwara's suitability for the venture.

However, despite the promise and backing of Saudi Arabia, the carelessness of Nigerian officials and bureaucractic red tape hindered the project. The delay in completing the necessary paperwork became a significant roadblock, leading to the stagnation of the multimillion dollar investment. While Saudi investors were keen on seizing the opportunity, the Nigerian side failed to match their enthusiasm with efficient administrative procedures, thus jeopardising a chance at prosperity and progress.

Fast forward to the present day, with a new administration in Nigeria, there is a glimmer of hope for recovering this missed opportunity. The Nigeria-Saudi Chamber of Commerce, committed to promoting bilateral trade and investment, stands ready to reignite discussions with the Saudi Investment Company and move the Agric City project forward. The potential to create millions of jobs and boost the agricultural sector remains as enticing as ever, and the Nigerian government must seize this second chance.

The new administration must learn from past mistakes and demonstrate a proactive approach to welcoming foreign investments. By streamlining bureaucratic processes, offering necessary support, and ensuring a conducive business environment, Nigeria can prove its commitment to diversifying the national economy through agriculture.

Governor Abdulfatah Ahmed's welcoming stance towards the initial project showcased the state's eagerness to embrace such investments. Now, with the Nigeria Saudi Chamber of Commerce eager to revive the opportunity, the state and federal authorities must collaborate effectively and rekindle the potential of the Agric City.

In conclusion, Nigeria's failure to capitalise on the Saudi Arabian agricultural investment opportunity in 2017 was a missed chance for economic growth and job creation. However, with a new administration and the Nigeria Saudi Chamber of Commerce's willingness to revive the project, there is hope for a brighter future. Nigerian officials must reflect on past mistakes and work diligently to create an enabling environment for foreign investors, seizing this second chance to drive the nation's economic progress through agriculture.

Abubakar Adamu, an assistant professor of Economics, currently lectures with the Institute of Public Administration in Riyadh.

 

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Smart School     IQRA College     Alao Ayotunde     Sunday Fagbemi     Funke Adedoyin     Kwara Hotel     Sulyman Age AbdulKareem     Yakub Lai Gobir     Halimat Yusuf     Emmanuel Olatunji Adesoye     Transition Implementation Committee     Okin Group     Ilorin     Osinbajo     AGM Professional Services     TIC     United Nigeria Airline     Hijaab     Government Girls’ Day Secondary School Pakata     Yahaya Seriki     Chief Imam Of Ilorin     Tunji Oyawoye     Mogaji Aare     Ajase-Ipo     Memunat Monsuma     Halidu Danbaba     Toyin Olayinka Tejidini     Pilgrims Board     Toyosi Thomas     Seni Saraki     Kunle Okeowo     Adam Abdullahi Al-Ilory     Saba Jibril     JUSUN     Femtech     Patience Jonathan     Kayode Ibrahim     Christopher Tunji Ayeni     Isiaka Danmeromu     Ilesha-Gwanara     Temi Kolawole     AbdulFatai Adeniyi Dan-Kazeem     Gbemisola Oguntimehin     Tricycle Owners Association Of Nigeria     Pakata Development Association     Sebastine Obasi     Suleiman Yahya Alapansapa     IPSAS     Sola Saraki Educational Foundation     Tsaragi/Share     Old Oyo     Association Of Kwara State Online Media Practitioners     Chikanda     Savannah Centre For Diplomacy, Democracy And Development     Emmanuel Bello     Modibbo Kawu     Ahmed Idris Mohammed     Abdulganiyu Oladosu     Kwara State Television (KWTV)     National Democratic Congress     Sheikh Ariyibi     Chief Imam Of Lafiagi     Haruna Tambiri Mohammed     Monsurat Omotosho     Ayodele Olaosebikan     Saliu Alamoyo     Oba Sulaiman Asude     VADA     Oyelere Oyinloye     Jumoke Gafar     Oba Abdulkadir La\'aro     Ethical College     Babatunde Ajeigbe     Firdaos Amasa     Sam Onile     Alore     Sulu Gambari    

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Minister     Neuropsychiatric Hospital     Afeyin-Olukuta     Mufutau Olatinwo     Salmon Babatunde Salmon     Omotoso     Medview Airlines     Isa Aremu     Nigerian Correctional Service     Onilupeju Of Ilupeju     Zulu Gambari     Hydro-electric Power Producing Areas Development Commission     Grillo     Lafiagi     Diagnostic Centre     Ilorin East/South Federal Constituency     Magaji Erubu     Umar Sanda Yusuf     Ilorin Emirate Stakeholders Forum     Maigida Soludero Transit     Adamu B. Yaqubu     Chief Imam Of Lafiagi     National Information Technology Development Agency     Volunteers Of Ilorin Community And The Emirate     Bayer Nigeria Limited     Sabi     AbdulRazaq Abubakar Jiddah     Kwara University Of Education     Abikan     Halimat Yusuf     Jide Oyinloye     Rashidi Yekini     Hamid Bobboyi     Abdul-Rahoof Bello     Sa\'ad Alanamu     Sobi Hill     Abdulrahman Onikijipa     Centre For Peace And Strategic Studies     Balikis Jawondo     Radio SBS     Aisha Gobir     Kwara State Geographic Information Service     Kunle Akogun     Tayo Alao     Bola Olukoju     Kwara Hotel     NYSC     Olatinwo     Habeeb Abdullahi Al-Ilory     Kwara Politics     ITEM 7     Ahmad Ali     Afonja Descendants Union     Hussein Oloyede     PAACO-PCL Consortium     Baruba     Oba Of Jebba     Abdullahi AbdulMajeed     Rotimi Atere     Tricycle Owners Association Of Nigeria     Mohammed Abdulahi     Gurei     Saadu Alanamu     Mufti Of Ilorin     Nagode     Abdulrasaq Alaro     Hassan Abdulazeez Elewu     General Hospital     IESA     Olaitan Buraimoh     Musibau Akanji     Kwara Basketball Association     Bursary     Prince Sunday Fagbemi     Muhammad Toyin Sanusi     Bond     Borgu